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Deutsche Bank, UBS and HSBC will pay a combined $46.6 million to settle CFTC charges that the three banks engaged in spoofing, or entering phony trade orders, to manipulate the price of precious metals futures contracts.

Deutsche Bank and its Deutsche Bank Securities trading business will pay $30 million in civil penalties; UBS, $15 million; and HSBC Securities (USA), HSBC's U.S. trading unit, $1.6 million, the Commodity Futures Trading Commission said in a news release Monday. In addition, six individual traders will face federal charges of trade manipulation, the CFTC said.

The three banks and the traders were accused of manipulating the price of precious metals futures contracts traded on commodity exchanges through a variety of manual spoofing techniques from 2008 to at least 2013, the CFTC said. The agency highlighted the cooperation of HSBC in the investigation, which led to the firm's reduced penalty.